Warren Buffett may use part of his annual letter to Berkshire Hathaway shareholders, due on Saturday, to renew his optimism about America, at a time economic growth is on the upswing and US stocks sit near record highs despite rising interest rates.

His enthusiasm is long-lived. In last year’s letter, he touted the country’s “economic dynamism” and “miraculous” achievements over its 240-year history. The year before, he called newborn American babies “the luckiest crop in history.” And in 2015, he panned the “preachers of pessimism” who “prattle endlessly about America’s problems.”

What of 2018? “Does Buffett have the guts to mention that we are in financial euphoria?” said Bill Smead, chief executive of Smead Capital Management in Seattle, a Berkshire investor.

The 87-year-old Buffett typically also uses his widely-read, humor-laced letters, which last year ran more than 14,000 words, to assess Berkshire’s performance, praise some managers, and criticize excess on Wall Street and perhaps in Washington.

This made them frontrunners to eventually succeed Buffett as chief executive officer. Buffett may discuss how stiff competition and recent steep hurricane losses may affect pricing for insurance and reinsurance, which Jain oversees.

After Berkshire ended September with $109 billion of cash and equivalents, Buffett may renew his plea for companies with little debt, consistent earnings power and strong management, and which are looking for buyers, to call him.

Berkshire has gone more than two years since its last major purchase, Precision Castparts.

An inability to deploy cash may help explain why Buffett, who buys stocks when he cannot buy whole companies, built a $28 billion stake in Apple, surpassing the underperforming Wells Fargo as Berkshire’s largest stock investment.